LOCAL Foreclosure Statistics are HIGHER than 26%

Last week I published the post “Foreclosures Made Up 26% of Properties Sold in 2010”.  That 26% figure is a national average.  You’ve probably heard me say before that real estate is local.  Whatever happens in Los Angeles may not be happening in New York and whatever happens in Miami, may not be happening in Tampa, ect.  Real estate is extremely local and varies tremendously and can even vary by neighborhood.  Some neighborhoods may thrive while others decline. 

Last week I told you I would investigate our “local” market to determine foreclosure statistics.  According to the Bay County Association of Realtors and the Bay County MLS there were 2,721 SOLD residential transactions in 2010 for the entire MLS coverage areas.  Out of the 2,721 transactions 1,100 of them were categorized as foreclosures.  This includes, short sales, reos, pre-foreclosure and in-foreclosure categories.  That is 40%, 14% higher than the national average.  Surprisingly enough only 374 of the 849 condos sold were foreclosures which are 44%, 102 of 259 townhomes were foreclosures which are 39%.  The bulk of the properties were detached single family homes at 539 of 1421 were foreclosures which are 38%. 

The MLS covers Bay, Calhoun, Escambia, Franklin, Gulf, Holmes, Jackson, Liberty, Okaloosa, Santa Rosa, Walton and Washington Counties.

Panama City Beach Rated #12 Beach in the World

(Photo courtesy of TripAdviosr)

Recently Panama City Beach was rated the #12 Beach in the World by TripAdvisor (the world’s largest interactive travel site).  Panama City Beach was placed ahead of Miami Beach, Bora Bora, Cancun, Honolulu and many other well known tropical getaways.  The truth is Panama City Beach has so much to offer and is finally beginning to get the recognition it rightfully deserves.  We have the pleasure of living here and often take it for granted.  Not only was Panama City Beach ranked #12 in the world, it was ranked #3 in the United States.  Panama City Beach has been well known for its glimmering sugar white sands and crystal clear emerald waters.  As well known as these features are, Panama City Beach was highlighted for offering swimming, snorkeling, diving, dolphin watching, parasailing and more.  A wide range of activities coupled with the famous beaches were highlighted as influential factors for TripAdvisor members selecting Panama City Beach as a top destination.  TripAdvisor describes Panama City Beach as

“With more than 27 miles of white, sandy beaches, Panama City Beach describes itself as “The Beach Lovers Beach.” Swim, snorkel, dolphin watch, jet ski, or parasail the emerald green waters of the Gulf of Mexico, or sunbathe on the award-winning beaches for which it is famous. ”

Here’s a Link to a Full List of Top Beaches of the U.S.

Here’s a Link to a Full List of Top Beaches of the World

Panama City Beach Information  

Photo courtesy of TripAdvisor

Panama City Beach is situated on 27 miles of pristine beach frontage edging sparkling sugar-white sand and crystal clear emerald waters where the Gulf of Mexico and St. Andrews Bay meet.  Panama City Beach is highlighted by more than 300 days of sunshine a year.  Panama City Beach offers a variety of things to do for all ages from great a New Year’s Eve Party for families to a July 4th Celebration for the ages at Pier Park.  There is also a summer concert series, various state parks and other recreational activities.  With Panama City Beach real estate values down and prices affordable, it could not be a better time to buy your piece of what is now being called “paradise” in Panama City Beach.